Title: NFTs and property tokenisation: advancements and applications in blockchain technology

Authors: Krishi Chawda; Kush Mehta; Tanishka Borkar; Sarita Ambadekar

Addresses: Department of Computer Engineering, K J Somaiya Institute of Technology, Sion, 400022, India ' Department of Computer Engineering, K J Somaiya Institute of Technology, Sion, 400022, India ' Department of Computer Engineering, K J Somaiya Institute of Technology, Sion, 400022, India ' Department of Computer Engineering, K J Somaiya Institute of Technology, Sion, 400022, India

Abstract: This paper explores the transformative impact of blockchain technology and non-fungible tokens (NFTs) on real estate transactions. Property tokenisation on the blockchain streamlines ownership and transaction processes, offering enhanced security, transparency, and trust. Smart contracts automate these transactions, reducing the need for intermediaries. By converting real estate assets into digital tokens on a blockchain, it enables a seamless transfer of ownership and rights representation. This automated execution ensures efficiency and trust, while also significantly lowering transaction costs. The integration of NFTs, as unique digital representations, act as an additional layer of protection, significantly reducing the risk of fraudulent activities and making property transactions smoother and more reliable. Throughout the paper, we meticulously examine and showcase real-world examples of successful blockchain-based property tokenisation implementations. This investigation highlights the potential for innovation within the real estate industry, pointing toward a future where property transactions are characterised by heightened efficiency, transparency, and cost-effectiveness.

Keywords: NFT; non-fungible token; blockchain; smart contracts; real estate; tokenisation.

DOI: 10.1504/IJBC.2024.140167

International Journal of Blockchains and Cryptocurrencies, 2024 Vol.5 No.1, pp.44 - 66

Received: 24 Mar 2024
Accepted: 01 Jun 2024
Published online: 26 Jul 2024 *

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